According to Mortensen, the deal is worth $103.75 million and includes $59 million in guaranteed money. Ryan will receive $63 million over the first three seasons.

Ryan, the No. 3 overall pick of the 2008 NFL draft out of Boston College, is scheduled to earn $10 million in base salary in 2013, the sixth and final season of a rookie contract that contained $34.75 million in guaranteed money and had a maximum value of $72 million. Had Ryan played out the 2013 season without his new extension, he would have earned $67.5 million, or 93.75 percent of the maximum value of his six-year rookie deal.

Ryan has started 77 of 78 regular season games during his first five seasons in the NFL, completing 62.7 percent of his pass attempts for 18,957 yards with 127 touchdowns and 60 interceptions. Ryan has earned two Pro Bowl nods (2010, 2012) and is coming off a season where he led the NFL with a 68.6 completion percentage and established a career-high with 32 touchdowns.

The 2012 season also Ryan remove the playoff monkey from his back. Ryan had shaky performances in his first three playoff games — all Falcons' losses — before passing for 646 yards with six touchdowns in two playoff games last season, including 250 yards and three touchdowns in a dramatic 30-28 win over the Seattle Seahawks in the divisional playoffs round.

Putting his contract into context, the $20.75 million per year average in "new money" and $21 million per year average of the first three seasons slots between 2013 extensions signed by Green Bay Packers quarterback Aaron Rodgers ($22 million per year) and Baltimore Ravens quarterback Joe Flacco ($20.1 million). Ryan's $59 million in guarantees is below the $60.5 million in guaranteed money that Drew Brees received from the New Orleans Saints last July, but above the $58 million that Peyton Manning received from the Denver Broncos last March.

Ryan, Brees and Manning are each represented by Tom Condon of CAA Football.